Most of us have heard these words over the years, as we or our loved ones were married; “For richer or poorer, in sickness and in health, until death do us part.” A phrase that makes us think about the challenges we may face in life.
The focus of this phrase is about tackling these challenges together, which is how most great partnerships operate. However, the final concept introduced here is something we do on our own. Our partner in life is gone and we must face these challenges alone.
While for the most part this is true, I would suggest the best approach to facing this inevitable challenge is to plan, as a partnership, so the surviving partner is prepared to manage the responsibilities on his or her own.
There are far too many details to address in the scope of a single article, not to mention the nuances of your specific situation. The intention of this article is to provide a general overview of some pre-planning ideas to get you moving in the right direction. It is highly recommended to meet with your investment, legal, insurance, and accounting professionals during this process as their input will be invaluable.